On the SSRS server machine where you have .NET BC installed, check
the following:

Check Microsoft.Dynamics.BusinessConnectorNet file version in
:\windows\assembly folder (GAC). To do this, right-click on the file, select
Properties then select the Version tab. Make sure it's the same version as your
AOS version (ax32serv.exe)

Make sure that the SSRS service account is the same as your
Business Connector Proxy account in Dynamics AX.

Check the Dynamics AX client configuration for the Business
Connector (non-interactive use only) configuration and make sure it points to an
active AOS in the Connection tab. (Administrative Tools> Microsoft Dynamics
AX 2009 Configuration)

Copy the Business Connector configuration to the desktop and
double click on it to launch Dynamics AX. This will validate that the
configuration is good

Check the Application event log on the SSRS server to make sure
you do not see other errors as to why Business Connector is not able to connect
to the AOS. Sometimes, the error in the event log indicates that the client path
is incorrect. For example, it might try to launch the AX client from \Program
Files\Microsoft Dynamics AX\50\Client\Bin instead of \Program Files
(x86)\Microsoft Dynamics AX\50\Client\Bin on a 64 bit server (this is related to
the next item listed) .

If Business Connector proxy account is also a user in Dynamics
AX, login to this server as the Business Connector proxy account and validate
you can launch Dynamics AX successfully as the Business Connector proxy user
using the active Dynamics AX client configuration (not an axc file). Sometimes,
the Dynamics AX config file for the Business Connector proxy user is not set up
correctly in the registry (HKCU/Sofware/Microsoft/Dynamics
AX/5.0/Configuration). You will receive an error message that indicates the path
to the Dynamics AX client is invalid if the issue is related to the previous
bullet point when trying to launch the AX client (ax32.exe)

Verify you can browse to the Enterprise Portal site or Reports
Manager site successfully and that you do not see an Internet Explorer (IE)
connection error. If you do see a connection error in IE, check to make sure you
have marked the Automatically detect settings check box for your proxy setting
in IE. To do this, click Tools, click Internet Options, click the Connections
tab, and then click LAN Settings. Click to mark the Automatically detect
settings check box.

Make sure you have the Enterprise Portal Framework lincense. To
verify, Click Administration, click Setup, click System, and then click License
information. Click the Web tab, and verify you have Enterprise Portal Framework
License (you should see ******* in the License code column.)